27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama
hereby agrees to the following interstate compact known as the Interstate Insurance Product
Regulation Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of
joint and cooperative action among the compacting states: 1. To promote and protect the interest
of consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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36-27-56.1
Section 36-27-56.1 Purchase of credit for prior service as county solicitor. (a) Any
vested member of any component system or fund of the Employees' Retirement System may claim
and purchase up to three years' credit in his or her system or fund for up to three years
of prior service which he or she rendered to any county government as a county solicitor.
(b) Any vested member eligible to claim and purchase credit for prior service as a county
solicitor under subsection (a), shall be awarded credit under the appropriate system or fund
provided he or she pays into his or her respective retirement system or fund prior to the
member's date of retirement, a sum of money equal to a percentage of the member's highest
annual compensation or final average salary during the period of prior service, whichever
is higher; the applicable percentage of the highest annual compensation or the final average
salary, whichever is higher, shall be the sum of the prevailing percentage rates of employer
and...
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36-27-57.2
Section 36-27-57.2 Purchase of credit for prior service rendered in office of local
district attorney or as court reporter, or both. (a) An active and contributing member of
the Employees' Retirement System who has been a member of the system for at least 10 years,
may claim and purchase credit not to exceed six years in the retirement system for prior service
rendered while employed in a program in the office of a local district attorney which was
a nonparticipant in the retirement system during the period of the prior service or for prior
service rendered as an official court reporter when court reporters were not allowed to participate
in the retirement system, or for both. The prior service credit may be purchased if the member
has not received credit for the prior service claimed in any public pension system or as a
supernumerary and the member complies with the provisions set forth in subsection (b). (b)
Each person eligible to claim and purchase credit for any prior service...
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4-3-47
Section 4-3-47 Powers of authority generally. The authority shall have the following
powers, together with all powers incidental thereto or necessary to the discharge thereof
in corporate form: (1) To have succession by its corporate name for the duration of time (which
may be in perpetuity) specified in its certificate of incorporation; (2) To sue and be sued
in its own name in civil actions, excepting actions in tort against the authority; (3) To
adopt and make use of a corporate seal and to alter the same at pleasure; (4) To adopt and
alter bylaws for the regulation and conduct of its affairs and business; (5) To acquire, receive,
take and hold, whether by purchase, option to purchase, gift, lease, devise or otherwise,
property of every description, whether real, personal or mixed, whether in one or more counties
and whether within or without the corporate limits of any authorizing subdivision, and to
manage said property and to develop any property and to sell, exchange, lease or...
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16-25-11.17
Section 16-25-11.17 Purchase of credit for prior service with Department of Industrial
Relations. (a) An active and contributing member of the Teachers' Retirement System who has
10 years of creditable service in the Teachers' Retirement System of Alabama may purchase
up to four years service credit in the system for prior service rendered as a full-time employee
with the Department of Industrial Relations under the federal Comprehensive Employment and
Training Act between October 1974 and November 1978. (b) Any member eligible to claim and
purchase credit for service under subsection (a) shall be awarded such credit under the Teachers'
Retirement System of Alabama provided that he or she pays to the Secretary-Treasurer of the
Teachers' Retirement System, prior to the earlier of the member's date of retirement or October
1, 2001, a lump sum equal to the full actuarially determined cost for each year of service
purchased as determined by the system's actuary. Notwithstanding the...
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36-27-55
Section 36-27-55 Purchase of prior service credit by certain members with prior service
in Office of Agriculture Economics at Auburn University; cost; termination date. (a) Any acting
and contributing member of either the Teachers' or the Employees' Retirement System may elect
to purchase prior service credit for any full time employment he or she had in the Office
of Agriculture Economics at Auburn University, provided such person complies with the following
conditions prescribed in this section. (b) Any member eligible to claim and purchase
such credit for service under subsection (a) of this section shall be awarded creditable
service under either the Teachers' or the Employees' Retirement System, as the case may be,
provided he or she shall pay into his or her retirement system or fund, prior to said member's
date of retirement and prior to October 1, 1991, a sum equal to a percentage of his or her
current annual earnable compensation, or average final compensation, whichever is...
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36-27-6.4
Section 36-27-6.4 Purchase of credit for prior service with the Oxford Emergency Medical
Services, Inc. (a) Any active and contributing member of the Oxford Emergency Medical Services,
Inc., that participates in the Employees' Retirement System under Section 36-27-6,
may purchase prior non-qualified service for employment rendered to Oxford Emergency Medical
Services before July 14, 2009, as permitted by the IRC Section 415(n)(3)(B). Currently,
under federal law the employee must have five or more years of creditable service in the Employees'
Retirement System prior to purchasing up to five years' non-qualified service. (b) No member
shall receive credit for any service that the member is already credited with in the system
or any other public retirement plan, with the exception of the federal Social Security program.
(c) Any member who is eligible to purchase service credit shall furnish to the Secretary-Treasurer
of the Employees' Retirement System the full actuarially determined...
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36-27-7.2
Section 36-27-7.2 Reopening of Employees' Retirement System for purchase of prior service
credit by active and contributing member of Cooperative Extension Service of Auburn University.
(a) Pursuant to Section 36-27-7.1, an active and contributing member of the Employees'
Retirement System may elect to purchase prior service credit for full time employment he or
she had in the Cooperative Extension Service at Auburn University, acquired before May 1,
1976, provided the person complies with the following conditions prescribed in this section.
(b) A member eligible to claim and purchase the credit for service under subsection (a) shall
be awarded creditable service under the Employees' Retirement System. The member shall pay
into his or her retirement system or fund, prior to the date of retirement of the member and
prior to October 1, 1997, a sum equal to a percentage of his or her current annual earnable
compensation, or average final compensation, whichever shall be greater, for each...
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36-27-57.1
Section 36-27-57.1 Purchase of credit for prior service rendered in program financed
by federal grant in office of local district attorney. (a) An active and contributing member
of the Employees' or Teachers' Retirement System who has been a member of the system for at
least 10 years, may claim and purchase credit not to exceed three years in his or her respective
retirement system for prior service rendered while employed in a program in the office of
a local district attorney which was financed at the time the service was rendered by a federal
grant if the member complies with the provisions set forth in subsection (b) of this section.
(b) Each person eligible to claim and purchase the credit for service under subsection (a)
of this section shall be awarded creditable service under the Employees' Retirement
System or Teachers' Retirement System provided he or she shall pay into the retirement system,
prior to October 1, 1995, a lump sum equal to the percentage of his or her current...
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36-27-57.3
Section 36-27-57.3 Reopening of Employees' Retirement System to allow purchase of credit
for prior service in office of local district attorney. (a) An active and contributing member
of the Employees' Retirement System may claim and purchase credit not to exceed two years
in the retirement system for prior service rendered in the office of a local district attorney
which was a nonparticipant in the Employees' Retirement System during the period of the prior
service. The prior service credit may be purchased if the member has not received credit for
the prior service claimed in any public pension system or as a supernumerary and the member
complies with the provisions set forth in subsection (b). (b) Each person eligible to claim
and purchase credit for any prior service under subsection (a) shall be awarded creditable
service under the Employees' Retirement System provided he or she shall pay into the retirement
system, prior to October 1, 1996, a lump sum equal to a percentage of his...
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